Malaysia, Brunei Vow To Boost Energy, Trade Ties
PUTRAJAYA, Aug 27 (Bernama) -- Malaysia and Brunei pledged to advance cooperation in energy, connectivity, agriculture, tourism and the halal industry, a joint statement said on Wednesday.
The statement was issued after the 26th Malaysia-Brunei Annual Leaders’ Consultation (ALC) between Sultan Hassanal Bolkiah and Prime Minister Datuk Seri Anwar Ibrahim.
It said both leaders reaffirmed the importance of deepening economic collaboration between Brunei and the states of Sabah and Sarawak as a driver of shared prosperity and regional integration.
“Both leaders plan to leverage Borneo’s shared resources and geographic advantages to strengthen food and energy security, build resilient supply chains and create sustainable opportunities for the people,” the statement said.
The joint statement said the leaders acknowledged close cooperation in the energy sector and recognised the potential for increased collaboration through future joint ventures that would bring mutual benefits to both countries.
"In this regard, the leaders expressed satisfaction with the collaboration between Petroliam Nasional Bhd and the Petroleum Authority of Brunei Darussalam through the Commercial Arrangement Areas (CAA).
"Both sides were encouraged to advance joint projects and realise their full potential within a mutually agreed timeline," it said.
The leaders also acknowledged Sarawak’s growing role in regional energy cooperation and recognised that such efforts would contribute to strengthening energy security in the region.
"They welcomed progress in the cross-border power interconnection project between Lumut, Kuala Belait and Tudan, which aims to ensure a reliable supply of energy and open opportunities for bilateral power trade between ASEAN member states.
"Both leaders also recognised the role of the private sector in enhancing economic collaboration and welcomed stronger business and commercial ties through the establishment of the Brunei Darussalam-Sabah Joint Business Council and Brunei Darussalam-Sarawak Joint Business Council," it said.
The leaders said they looked forward to deepening economic linkages through commercial paddy cultivation and livestock integration, leveraging the agricultural resources of Sarawak and Sabah with Brunei’s halal branding.
"This collaboration will contribute to enhancing food security, improving supply chain resilience and expanding market access," the joint statement said.
The leaders also noted ongoing discussions on potential investments under the Memorandum of Understanding between the Malaysian Investment Development Authority (MIDA) and the Brunei Investment Agency (BIA), aimed at strengthening mutually beneficial investment ties.
In 2024, Brunei was Malaysia’s sixth-largest trading partner in ASEAN, with total trade amounting to RM7.53 billion (US$1.77 billion).
Between January and June this year, Malaysia-Brunei trade reached US$690 million (RM3.02 billion), comprising exports of US$500 million (RM2.18 billion) and imports of US$190 million (RM840 million).
-- BERNAMA